| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-122 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 关于不提前赎回"皓元转债"的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 自 2025 年 10 月 30 日至 2025 年 11 月 19 日期间，上海皓元医药股份有 限公司（以下简称"公司"或"皓元医药"）股票满足在连续三十个交易日中有 十五个交易日的收盘价不低于"皓元转债"当期转股价格（40.47 元/股）的 130%（含 130%，即 52.61 元/股），已触发《上海皓元医药股份有限公司向不特 定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）中规定 的有条件赎回条款。 公司于 2025 年 11 月 19 日召开第四届董事会第十四次会议，审议通过 了《关于不提前赎回"皓元转债"的议案》，决定本次不行使"皓元转债"的提 前赎回权利，不提前赎回"皓元转债"。 未来 ...

国联民生证券承销保荐有限公司 关于上海皓元医药股份有限公司 使用部分募集资金向子公司增资 以实施募投项目的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐 机构"）作为上海皓元医药股份有限公司（以下简称"皓元医药"或"公司"）向 不特定对象发行可转换公司债券的持续督导机构，根据《证券发行上市保荐业务 管理办法》《上海证券交易所科创板股票上市规则》《上市公司募集资金监管规则》 以及《科创板上市公司持续监管办法（试行）》等有关法律法规和规范性文件的 要求，对皓元医药使用部分募集资金向子公司增资以实施募投项目的事项进行了 核查，具体情况如下： 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意上海皓元医药股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2024]1289 号）同意，公司向 不特定对象发行 82,235.00 万元的可转换公司债券，期限 6 年，每张面值为人民 币 100 元，发行数量为 822,350 手（8,223,500 张）。本次发行的募集资金总额为 人民币 822,350,000.00 元，扣除不含税的发行费用 1 ...

国联民生证券承销保荐有限公司 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意上海皓元医药股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2024]1289 号）同意，公司于 2024 年 11 月 28 日向不特定对象发行 822.35 万张可转换公司债券，每张面值为 人民币 100.00 元，发行总额 82,235.00 万元，期限 6 年。 （二）可转债上市情况 关于上海皓元医药股份有限公司 不提前赎回"皓元转债"的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐 机构"）作为上海皓元医药股份有限公司（以下简称"皓元医药"或"公司"）向 不特定对象发行可转换公司债券的持续督导机构，根据《证券发行上市保荐业务 管理办法》《可转换公司债券管理办法》《上海证券交易所科创板上市公司自律监 管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第 12 号— —可转换公司债券》以及《上海证券交易所科创板股票上市规则》等有关法律法 规和规范性文件的要求，对皓元医药不提前赎回"皓元转债"的事项进行了核查， 具体情况如下： 经上 ...

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-121 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 关于使用部分募集资金向子公司增资以实施募投项 目的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次增资事项已经公司第四届董事会审计委员会第七次会议和第四届董 事会第十四次会议审议通过，无需提交股东会审议批准。 本次增资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组情形，不会对公司的财务状况和未来经营成果造成重大不利 影响。 公司于 2025 年 11 月 19 日召开第四届董事会审计委员会第七次会议、第四 届董事会第十四次会议，审议通过了《关于使用部分募集资金向子公司增资以实 施募投项目的议案》，同意公司使用募集资金 5,000.00 万元向子公司欧创生物增 资，用于实施募投项目"欧创生物新型药物技术研发中心"。 一、募集资金基本情况 增资标的名称：合肥欧创基因 ...

皓元医药公告称，公司拟使用部分可转债募集资金5000万元向子公司欧创生物增资，实施"欧创生物新 型药物技术研发中心"项目。此前公司已与欧创生物其他股东签署《股权转让协议》，受让其持有的股 权，待工商变更完成后，欧创生物将成全资子公司。此次增资已获董事会审计委员会和董事会审议通 过，不构成关联交易和重大资产重组。欧创生物2025年1 - 9月营收7048.80万元、净利润86.18万元。 ...

Market Overview - The medical services sector experienced a decline of 1.09% on November 19, with Jiuzhou Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Individual Stock Performance - Jiuzhou Pharmaceutical (603456) saw a significant drop of 6.24%, closing at 20.12, with a trading volume of 446,900 shares and a turnover of 915 million [2] - Other notable declines included Zhaoyan New Drug (603127) down 5.08% and ST Zhongzhu (600568) down 5.04% [2] - In contrast, some stocks like WuXi AppTec (603259) and Haoyuan Pharmaceutical (688131) showed slight increases of 0.95% and 0.34%, respectively [1] Capital Flow Analysis - The medical services sector experienced a net outflow of 885 million from institutional investors, while retail investors saw a net inflow of 877 million [2][3] - The data indicates that institutional investors are pulling back, while retail investors are actively buying into the sector [3] Stock-Specific Capital Flow - WuXi AppTec (603259) had a net inflow of 66.82 million from institutional investors, while it faced a net outflow of 15.56 million from retail investors [3] - Other stocks like Yinuo Pharmaceutical (688710) and Sunshine Nuohua (688621) also showed mixed capital flows, with varying degrees of institutional and retail investor activity [3]

Macro Strategy - Recent international gold prices are fluctuating at high levels, with domestic jewelry gold prices also remaining elevated. There is a new trend in gold consumption favoring lighter products like gold bars. Short-term gold prices are expected to maintain high volatility. Consumers should pay attention to international gold price fluctuations if investing, and choose purchasing timing based on their budget for wearing needs [2][3] - From January to October, the national general public budget revenue reached 18.649 trillion yuan, a year-on-year increase of 0.8%. The national general public budget expenditure was 22.5825 trillion yuan, a year-on-year increase of 2%. Securities transaction stamp duty revenue was 162.9 billion yuan, a year-on-year increase of 88.1% [2] - By the end of 2024, the total asset scale of urban commercial banks in China is projected to be 60.15 trillion yuan, a 134-fold increase since 1995, accounting for 13.53% of the banking financial institutions, with a market share increase of 8.24 percentage points. The non-performing loan ratio is 1.76%, and the provision coverage ratio is 188.08% [2] Industry and Company Medical Services Industry - The medical and biological sector rose by 3.29%, ranking fifth among the 31 first-level industries. The Shanghai and Shenzhen 300 Index fell by 1.08%, indicating that the medical sector outperformed the index by 4.37 percentage points [6] - The PE (ttm) of the medical services sector is 33.47X, with a PB (lf) of 3.37X. The PE increased by 0.51X and the PB increased by 0.05X compared to the previous week [7][8] - The TIDES CRDMO market is expected to grow significantly, with the global market projected to increase from 2.1 billion USD in 2018 to 5.5 billion USD in 2023, with a CAGR of 20.9%, and further to 37.3 billion USD by 2032, with a CAGR of 23.8%. The Chinese market is expected to grow from 200 million USD in 2018 to 800 million USD in 2023, with a CAGR of 37.1%, and to 6.2 billion USD by 2032, with a CAGR of 25.5% [9] - Investment recommendations for the medical services sector include focusing on high-growth companies in the ADC CDMO and TIDES CDMO areas, as well as companies in the third-party testing laboratories and consumer medical sectors [10] Traditional Chinese Medicine Industry - The traditional Chinese medicine sector rose by 4.08%, ranking third among secondary sub-sectors. Companies such as Te Yi Pharmaceutical and Zhongsheng Pharmaceutical performed well, while others like *ST Changyao and ST Huluwa performed poorly [12] - The PE (ttm) for the traditional Chinese medicine sector is 29.25X, with a PB (lf) of 2.47X, indicating a slight increase from the previous week [13][14] - The market for traditional Chinese medicinal materials is experiencing volatility, with an overall supply surplus due to increased arrivals from new harvests. Recent weather conditions have also impacted harvesting [15] - The steady advancement of centralized procurement in the traditional Chinese medicine industry aims to reduce patient medication costs and shift competition towards cost control and quality standards [16][17] - Investment recommendations for the traditional Chinese medicine sector include focusing on companies with competitive advantages in product quality and cost, as well as those benefiting from national reforms and centralized procurement policies [18][19]

Core Viewpoint - The stock of Shuoshi Biotechnology fell nearly 15% in the afternoon, with several other companies including Anglikang, Wanbangde, Kanglong Huacheng, Meidixi, Haoyuan Pharmaceutical, Jindike, and Jinshiyao also experiencing declines of over 5% [1] Company Performance - Shuoshi Biotechnology's stock decline of nearly 15% indicates significant market volatility [1] - Other companies in the sector, such as Anglikang and Wanbangde, also faced notable stock price drops, suggesting a broader trend affecting multiple firms [1] - The overall performance of the biotechnology sector appears to be under pressure, as indicated by the collective decline of several key players [1]

Investment Rating - The report continues to recommend the innovative drug and medical device industry chain, indicating a high level of investment interest in this sector [1][5]. Core Views - The report highlights the high prosperity in innovative drugs, suggesting potential value revaluation for companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [2][5]. - It emphasizes the importance of Biopharma/Biotech companies with innovative pipelines and performance entering a volume increase phase, including Innovent Biologics, BeiGene, and others [2][5]. - The report also points out the recovery potential for leading medical equipment companies like United Imaging Healthcare, Lepu Medical, and others [2][5]. Summary by Sections A-Shares Performance - In the second week of November 2025, the A-Shares pharmaceutical sector outperformed, with the SW Pharmaceutical and Biological index rising by 3.3% while the SHCOMP fell by 0.2% [2][30]. - The pharmaceutical commerce, chemical raw materials, and chemical preparations sub-sectors showed strong performance, with increases of 5.7%, 5.1%, and 4.4% respectively [2][30]. - Notable stock gains included GDK (+61.6%), HPGC Renmintongtai Pharmaceutical Corporation (+61.1%), and Chengda Pharmaceuticals Co., Ltd. (+58.3%) [2][30]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also outperformed, with the Hang Seng Healthcare index increasing by 6.8% and the Hong Kong Biotechnology index by 7.1% [2][31]. - In the U.S., the S&P Healthcare Select Sector rose by 3.9%, significantly outperforming the S&P 500, which only increased by 0.1% [2][32]. Valuation Metrics - As of November 14, 2025, the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 77.0% [2][15]. - The report provides earnings forecasts and valuation metrics for various companies, indicating expected growth rates and price-to-earnings ratios for the coming years [6][7].

Group 1 - The restructuring protein concept declined by 1.71%, ranking among the top declines in the concept sector, with notable declines in stocks such as Kexing Pharmaceutical, Haoyuan Pharmaceutical, and Zejing Pharmaceutical [1] - Among the stocks in the restructuring protein concept, 8 stocks saw price increases, with *ST Wanfang, ST Weiming, and Lideman leading with increases of 4.96%, 2.21%, and 1.76% respectively [1] - The restructuring protein concept experienced a net outflow of 742 million yuan from main funds today, with 38 stocks seeing net outflows, and 8 stocks with outflows exceeding 30 million yuan [2] Group 2 - The top net outflow stock in the restructuring protein concept was Heyuan Biological, with a net outflow of 82.99 million yuan, followed by Sangfor Guojian, Zhifei Biological, and Zhongyuan Xiehe with net outflows of 59.97 million yuan, 57.83 million yuan, and 56.32 million yuan respectively [2][3] - The stocks with the highest net inflow included *ST Wanfang, Furuida, and Yinuote, with net inflows of 10.67 million yuan, 8.92 million yuan, and 7.75 million yuan respectively [4]